Current trend
At the end of the week, the Canadian Dollar has been trading mixed against the US Dollar. Having reached new local lows on Wednesday, the pair has started correcting up amid the statements made by the Federal Reserve officials.
The results of the recent Bank of Canada monetary policy meeting had a high impact on the market. However, it should be noted the Canadian currency started strengthening some time after the results were released.
As expected, interest rates were kept unchanged at 0.5% as commodity markets instability affects the process of Canada’s economic recovery. At the same time, the regulator revised up its forecast for 2016 that can be explained by the recent growth in oil prices.

Support and resistance
Bollinger Bands on the daily chart is directed down while the price range is getting narrower. MACD is slightly growing and still keeping its sell signal. Stochastic is in the oversold zone and trying to turn up indicating the possibility of an upward correction in the short term.
The indicators recommend waiting for clearer trading signals.
Support levels: 1.2800, 1.2744 (13 April low), 1.2700 (mid-July 2015 level), 1.2650.
Resistance levels: 1.2857, 1.2897 (14 April high), 1.2952, 1.3000 (11 April level), 1.3037, 1.3100, 1.3180 (7 April high), 1.3218 (5 April high), 1.3300.

Trading tips
Long positions can be opened after the price rebounds at the level of 1.2800 (with appropriate indicators signals) with the target at 1.3000 and stop-loss at 1.2740.
Short positions can be opened after the level of 1.2744 is broken down with targets at 1.2650, 1.2600 and stop-loss at 1.2800.

Current trend
At the beginning of the trading week, the GBP/JPY pair has been correcting amid expectations of important macroeconomic releases.
Data on adjusted merchandise trade balance is due in Japan on Wednesday. Analysts predict the indicator will grow from 242.8 billion to 834.6 billion. Thus, Japan is expected to post a trade surplus of almost 600 billion that will have a positive impact on the economy and the national currency. Moreover, attention needs to be paid to data on unemployment in the UK. An expected decline in the Claimant Count Change will support the country’s economy and strengthen the Pound. If the indicator remains unchanged or grows, the Pound is likely to come under pressure, and the GBP/JPY pair can substantially weaken.

Support and resistance
On the daily chart, the pair is trading between the middle and the lower MAs of Bollinger Bands. MACD histogram is in the negative zone and is giving a weak buy signal. Stochastic is falling in the middle of its range.
In general, the indicators are giving a weak sell signal.
Support levels: 151.81, 149.92, 147.93, 145.08.
Resistance levels: 153.45, 155.74, 157.21, 159.34, 162.29, 163.60, 165.40.

Trading tips
Long positions can be opened from the level of 157.21 with targets at 162.29, 163.60 and stop-loss at 153.45. Validity – 3-5 days.
Short positions can be opened from the level of 151.81 with targets at 147.93, 145.08 and stop-loss at 157.21. Validity – 2-4 days.

Current trend
Despite unsuccessful negotiations in Doha, the price of gold has been growing since the opening of the trading session today. The growth is supported by weak data on the US economy, released last week, and uncertainty over future rate increases in the country. The uncertainty has risen due to recent statement made by the Fed representative William Dudley. Today attention needs to be paid to data on Building Permits for March, published in the US.

Support and resistance
On the daily chart, Bollinger Bands is directed horizontally while the price range is widening. MACD histogram remains in the positive zone and is keeping a weak sell signal. Stochastic is moving in the middle of its range.
The indicators recommend waiting for clearer trading signals.
Support levels: 1233.23, 1223.81, 1215.29, 1209.17, 1201.53, 1194.97, 1190.38.
Resistance levels: 1248.06, 1256.58, 1261.50, 1267.31, 1278.95, 1282.59.

Trading tips
Short positions can be opened after the level of 1233.23 is broken down with the target at 1209.17 and stop-loss at 1248.06. Validity – 1-3 days.
Long positions can be opened at the current levels with targets at 1256.58, 1261.50 and stop-loss at 1233.23. Validity – 1-3 days.

Current trend
The pair continues growing amid strengthening in oil prices and the publication of strong macroeconomic statistics in Australia at the beginning of the week. The New Motor Vehicle Sales grew by 2.2% against the previous month that indicates that the consumer confidence is increasing.
Today attention needs to be paid to data on the EIA Crude Oil Stocks change in the US. A lower reading could support the pair.

Support and resistance
The pair is consolidating near the level of 0.7820. In the nearest term, the price could decline to the level of 0.7730, but the main upward trend will remain. A trend change would be possible after a price consolidation below the lower border of the ascending channel.
Support levels: 0.7730, 0.7640, 0.7590.
Resistance levels: 0.7850, 0.7900, 0.7930.

Trading tips
Short positions can be opened after the price consolidation below the level of 0.7790 с with the target at 0.7735 and stop-loss at 0.7810.
Long positions can be opened from the level of 0.7800 with targets at 0.7850, 0.7900 and stop-loss at 0.7740.

Current trend
This week, the pair remains under pressure due to weak statistics from the UK and a series of favorable news from Australia. Yesterday morning, data on Claimant Count Change showed a growth by 6.7K while analysts expected the indicator to be down by 10K.
Today attention needs to be paid to data on Retail Sales, due in the UK, and speech given by Mark Carney, Governor of the Bank of England.

Support and resistance
On the daily chart, Bollinger Bands is declining. The pair is trading down in the lower part of the price range. MACD histogram is in the negative zone, and its volumes are falling. Stochastic is near the 20 mark.
According to the indicators, short positions are more preferable.
Support levels: 1.8265, 1.8094, 1.7841, 1.7737, 1.7175.
Resistance levels: 1.8494, 1.8622, 1.8769, 1.8889, 1.8950, 1.9072, 1.9239, 1.9513, 1.9663.

Trading tips
Long positions can be opened from the level of 1.8622 with the target at 1.8950 and stop-loss at 1.8494. Validity – 3-5 days.
Short positions can be opened from the level of 1.8265 with the target at 1.8094 and stop-loss at 1.8494. Validity – 3-5 days.

Current trend
Yesterday the pair substantially strengthened amid the publication of labour market data in the US. Initial Jobless Claims unexpectedly fell to 247 thousands while economists predicted a growth to 263 thousands. In addition, the number of Continuous Claims shrank by almost 40 thousands.
Today attention needs to be paid to data on the Consumer Price Index in Canada and Markit PMI’s in the US.

Support and resistance
On the 4-hour chart, the pair is trading in the upper Bollinger band while the price range narrowed, which indicates that the trend will likely change in the nearest future. MACD histogram is in the negative zone and its volumes are growing. Stochastic has left the overbought zone suggesting a fall continuation.
The indicators recommend short positions.
Support levels: 1.2691, 1.2644, 1.2619, 1.2591.
Resistance levels: 1.2752, 1.2764, 1.2794, 1.2855, 1.2889, 1.2944, 1.2993.

Trading tips
Long positions can be opened after the breakout of the level of 1.2764 with the target at 1.2855 and stop-loss at 1.2691. Validity – 1-2 days.
Short positions can be opened from the level of 1.2691 with the target at 1.2619 and stop-loss at 1.2752. Validity – 1-2 days.

On Monday the GBP/USD pair opened with a gap up at 1.4462 and then corrected down to the level of 1.4420.

Support and resistance
The price range of Bollinger Bands is widening. The pair broke out the upper MA but then returned into the range and may continue moving down towards the middle MA of the indicator.

Current trend
Yesterday the pair resumed its fall after some strengthening in the previous week.
The Euro was pressured by weak data from Germany where the IFO Business Climate in April fell from 106.7 to 106.6 points, while experts predicted a growth to 107.0 points. Furthermore, the IFO Expectations came out worse than forecasts as well amounting to 100.4 points. *
At the same time, the Yen remains under pressure prior to the Bank of Japan Interest Rate Decision. According to expectations, the Japanese regulator could proceed with further monetary policy easing.

Support and resistance
Bollinger Bands on the daily chart is moving horizontally while the price range is widening. However, the price is trading above its upper border thus indicating the possibility of a downward correction. MACD is growing and giving a buy signal. Stochastic continues growing while in the overbought zone.
The indicators recommend waiting for clearer trading signals.
Support levels: 125.00 (local low), 124.22, 123.57 (21 April low), 123.06, 122.54, 122.07, 121.71 (18 April low).
Resistance levels: 125.53 (local high), 126.16, 126.62, 127.30, 128.21 (31 March high), 128.75.

Trading tips
Long positions can be opened after the breakout of the level of 125.53 with targets at 126.16, 126.62 and stop-loss at 124.70. Validity – 2-3 days.
Short positions can be opened after the breakdown of the level of 125.00 with the target at 123.00 and stop-loss at 125.53. Validity – 2-3 days.

Current trend
Yesterday the pair continued falling amid the publication of poor macroeconomic statistics in the US. Durable Goods Orders grew by 0.8% while economists forecasted a 1.8% growth, while the S&P/Case-Shiller Home Price Indices grew by 5.4% that was also worse than forecasts. In addition, the Consumer Confidence fell to 64.2 points, against the forecasted 96.0 points.

Today extra attention needs to be paid to the US Fed Interest Rate Decision. According to forecasts, there will be no changes in monetary policy.

Support and resistance
On the 4-hour chart, the pair is trading in the lower Bollinger band, while bands are directed down and widening. MACD histogram is in the negative zone, giving a sell signal. Stochastic is giving a buy signal.

Current trend
The pair continues growing amid weakening in the US Dollar, which was slightly pressured by yesterday’s Fed Interest Rate Decision.

As was expected, the rate remained unchanged. The statement, however, did not contain any hints on its possible increase at the July meeting. At the same time, employment in the US keeps growing that will later accelerate wages and inflation growth. In addition, strengthening oil prices will increase inflationary pressures as well. Therefore, the possibility of the next interest rate hike in the nearest term is quite high.

Support and resistance
The pair continues trading in the ascending channel.
The nearest support level is at 1.1295.
The nearest resistance level is at 1.1342.

Trading tips
Long positions can be opened from the level of 1.1342 with the target at 1.1386 and stop-loss at 1.1325.

Current trend
The New Zealand Dollar was significantly supported by the RBNZ decision to keep its key interest rate unchanged at the current 2.25%, which allowed the pair to strengthen by more than 180 points. In addition, the pair was supported by today’s data on the ANZ Business Confidence. In March, the index grew from 3.2 to 6.2 points.

Today attention also needs to be paid to data on Personal Income and Personal Spending in the US. According to forecasts, indices will grow that might support the US Dollar.

Support and resistance
On the 4-hour chart, the pair is growing along the upper MA of Bollinger Bands. MACD histogram is in the positive zone and its volumes are growing. Stochastic is falling after it has left the overbought zone.

Trading tips
Long positions can be opened from the level of 0.7000 with targets at 0.7040, 0.7070 and stop-loss at 0.6980. Validity – 1-3 days.
Short positions can be opened from the level of 0.6960 with targets at 0.6915, 0.6885 and stop-loss at 0.6980. Validity – 1-3 days.

Current trend
Last week the pair significantly fell amid the publication of weak data on the Consumer Price Index in Australia. In the first quarter, the index fell by 0.2% while economists forecasted a 0.3% growth.

At the same time, the pair was supported by today’s data on TD Securities Inflation from Australia that showed a 0.1% growth in the index. Today attention also needs to be paid to data on the Markit and ISM Manufacturing PMI’s from the US. Data above the forecasts might support the US Dollar.

Support and resistance
On the 4-hour chart, the pair is trading in the upper Bollinger band. MACD histogram is in the negative zone and its volumes are almost not changing. Stochastic is growing.

Trading tips
Long positions can be opened from the level of 0.7650 with targets at 0.7700, 0.7750 and stop-loss at 0.7610. Validity – 1-2 days.
Short positions can be opened from the level of 0.7610 with targets at 0.7580, 0.7560 and stop-loss at 0.7630. Validity – 1-2 days.

Current trend
Yesterday the pair significantly fell amid the publication of weak statistics on manufacturing production in China. In addition, the pair was pressured by today’s labour market data from New Zealand, where the Unemployment Rate grew from 5.3% to 5.7% while economists predicted a growth to 5.5%.

Today attention also needs to be paid to data on the ADP Employment Change and Trade Balance in the US. According to forecasts, the trade balance deficit will shrink to 41.5 billion USD, while the number of employed will amount to 196 thousands. The data could provide additional support to the US Dollar.

Support and resistance
On the 4-hour chart, the pair is falling along the lower MA of Bollinger Bands. MACD histogram is near the zero line. Stochastic is turning up in the oversold zone.

Trading tips
Long positions can be opened from current prices with targets at 0.6930, 0.6960, 0.6980 and stop-loss at 0.6870. Validity – 1-2 days.
Short positions can be opened from the level of 0.6860 with targets at 0.6820, 0.6800 and stop-loss at 0.6885. Validity – 1-2 days.

Current trend
Yesterday the USD/JPY pair strengthened. The American currency was supported by favorable macroeconomic statistics, released in the US in the afternoon. In particular, the US trade deficit shrank from $47.00 billion to $40.40 billion, exceeding the forecast of $41.50 billion. Moreover, ISM Non-Manufacturing PMI was up from 54.7 to 55.7 points.

On Friday dynamics in the pair can be influenced by data on Unemployment Rate and Nonfarm Payrolls, due in the US.

Support and resistance
On the 4-hour chart, the pair is correcting at the upper MA of Bollinger Bands. The indicator is directed horizontally while the price range is widening. MACD histogram is in the negative zone; its volumes are falling. The indicator is forming a buy signal. Stochastic has turned down in the overbought zone.

Trading tips
Short positions can be opened after the level of 106.62 is broken down with the target at 105.71 and stop-loss at 106.90. Validity – 1-2 days.
Long positions can be opened after the level of 107.56 is broken out with the target at 107.97 and stop-loss at 106.90. Validity – 1-2 days.

Current trend
Yesterday the price of Brent crude oil corrected up and tested the level of 46.67, but could not consolidate above it. The price was supported by news that forest fires in Canada curbed its oil production.

Today extra attention needs to be paid to data on the Non-farm Payrolls that is due in the US at 2:30 pm (GMT+2). Growth in the index might support the US Dollar and pressure oil prices.

Support and resistance
On the 4-hour chart, MACD histogram is in the negative zone and its volumes are growing. Bollinger bands are directed down suggesting the downward tendency will continue.

Trading tips
Short positions can be opened after the price consolidation below the level of 44.00 with targets at 43.00, 42.00 and stop-loss at 44.65.
Long positions can be opened after the price consolidation above the level of 46.00 with targets at 47.00, 48.00 and stop-loss at 45.35.

The rate of the pound rapidly fell against USD in the end of the previous week dropping by 230 points. The pair closed trading at the level of 1.2808 which is the lowest closing price in the previous four weeks. The fall of GBP was caused by the polls taken in view of the upcoming UK election. The positions of the conservative wavered after Manchester events.
Last week the price failed to overcome an important level of 1.3030 which would have given the “bulls” an additional impulse. Today is a holiday in the UK and USA, therefore no activity in the market should be expected due to low liquidity. This should keep the pair GBP/USD within the narrow range and in the consolidation regime.

In the USA FOMC statement on the interest rate was more cautios than expected. The regulator pointed out that the increase of interest rates will depend on the information received by it. Therefore the release of the data on the nonfarm payrolls schedulled in the end of the week shall determine yet another direction for USD. The pound, in turn, may be under pressure in view of the news about another referendum in Scotland on its exit from the UK in case of the victory of the dominant party at the election on June 8.

Short positions may be opened from the level of 1.2790 with target at 1.2700 and stop-loss at 1.2820.
Long positions may be opened from the level of 1.2850 with targets at 1.2900 and stop-loss at1.2820.
The period of implementation is 2-5 days.

The growth of Canadian dollar strengthened after the decision of the Bank of Canada on the interet rate made last week. As a result the pair reached its six-weeks minimum from which upward correction (purple trend line) started. Right now the movement of the pair is hindered by a stronger trend line — the blue one. The price is likely to meet it between the levels of 1.3535 and 1.3600.
Today the dynamics of the pair may be influenced by the important data from Canada and the USA. The data on the Canadian trading balance and raw materials prices index are due at 14:30 (GMT+2). The information on personal income and expenditure will be published in the USA at the same time.
The most likely scenario for today is the continuation of the pair’s growth.

Long positions may be opened at the market price with targets at 1.3535, 1.3600 and stop-loss at 1.3430.
Alternatively, sell positions may be opened from the level of 1.3426 with targets at 1.3400, 1.3315 and stop-loss at 1.3456.
The period of implementation is 1-2 days.

Yesterday the dynamics of the pair USD/CHF was determined by negative values of oth currencies. After Swiss index of leading economic indicators for May appeared to be wore than expected, the pair moved up from the narrow two-weeks flat. But weak data on the consumer confidence index from the USA returned the price of the pair back to the range indicating that it was falsely broken through.
ZEW Indicator of Economic Sentiment is due today in Switzerland at 10:00 (GMT+2).

PMI Chicago will be published at 15:45 (GMT+2). The data on incompleted sales transactions in the US real estate market is due at 16:00 (GMT+2). FOMC Beige Book Economic Review is due at 20:00 (GMT+2). *
*Support and resistance

Short positions may be opened at the market price with targets at 0.9700, 0.9640 and stop-loss at 0.9780.
Alternatively, buy positions may be opened from 0.9780 with targets at 0.9850, 0.9930 and stop-loss at 0.9740.

The key event of the previous day was the speech of Janet Yellen before the US Congress. The head of FOMC pointed out positive tendencies in the US economy and stated the regulator was planning to increase interest rates before the end of the year. Yellen’s comments did not lead to considerable strengthening of USD, but the pair of NZD/USD dropped without consolidating above the resistance level of 0.7350 that it has been trying to break out for two years.

Today New Zealand published the data on industrial PMI. The fall of the value from 58.5 to 56.2 basis points and the comments by the head of FOMC may lead to the reversal of the instrument today.

Friday is rich in macroeconomic data from the USA. Statistics is expected to be positive for the US currency and this will put considerable pressure on the pair.
Support and resistance

On the D1 chart the instrument moved from the resistance level of 0.7330. Bollinger Bands have corrected sideward, while the price range has slightly broadened indicating the continuation of the current trend. MACD histogram is in thee positive zone maintaining a weak buy signal. Stochastic is approaching the oversold zone.

Short positions may be opened at the current price with targets at 0.7275, 0.7250 and stop-loss at 0.7340. The period of implementation is 1-2 days.
Long positions may be opened from the level of 0.7345 with target at 0.7395 and stop-loss at 0.7320. The period of implementation is 1-2 days.

On the H4 chart the price failed to consolidate below the level of 1.1400 (correction 23.6%) but may resume attempts in the near future. Breaking through the level of 1.1400 near the crossing with the line of the upper fan at 38.2% and the 23.6% curve may lead to further correction to the level of 1.1345 (correction 23.6%, middle line of Bollinger Bands for D1). An important level for the “bulls” is 1.1487. After consolidating above it, the pair may enter long-term growth.

On the D1 chart the price remains within the upper trend and is testing the level of 1.1470. After breaking through it, the pair may continue growing to 1.1540 and 1.1600. Otherwise it may fall to the levels of 1.1340 (middle line of Bollinger Bands and correction 38.2% for H4) and 1.1255 (correction 23.6%). Gradual growth may continue as Stochastic is trying to reverse upwards.

Main scenario

Buy positions look more preferable, but they should be opened after the price consolidates above 1.1470 with targets at 1.1540 and 1.1600. Stop-loss should be placed at 1.1420.

Alternative scenario

Sell positions may become relevant after the price consolidates below 1.1400 with targets at 1.1340, 1.1255 and stop-loss at 1.1450.